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Tax Change Hits Northrop Grumman’s Earnings But Benefits Await In 2018

Cal Biesecker By
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Tax Change Hits Northrop Grumman’s Earnings But Benefits Await In 2018
Artist's rendering of the Air Force's Long Range Strike Bomber, designated B-21. Northrop Grumman, the prime contractor for the program, doesn't mention the B-21 in its earnings releases because it is classified. The company said classified manned aircraft contributed to higher sales in 2019 and will do so again in 2020. Image: Air Force.

Northrop Grumman [NOC] on Thursday posted lower net income in its fourth quarter stemming from a new tax reform law that went into effect on Jan. 1 and a discretionary pension contribution but the company said that lower taxes will result in benefits to employees, investors and capital investments.Net income dived 66 percent to $178 million, $1.01 earnings per share (EPS), from $525 million ($2.96 EPS) a year ago, due to $300 million ($1.71 EPS) in tax expense related to…

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